Description:
S. 2463 would authorize the establishment of a new development finance institution for the United States: the U.S. International Development Finance Corporation (USIDFC). USIDFC would promote economic development in less developed countries by providing loans, equity, insurance, and other forms of assistance to U.S. companies and other entities that want to invest and expand in those countries. CBO estimates that, on net, implementing the legislation would reduce federal costs by $22 million over the 2019-2023 period, assuming appropriation actions consistent with the bill. CBO estimates that enacting S. 2463 would decrease direct spending by $20 million over the 2019-2028 period. Because the bill would affect direct spending, pay-as-you-go procedures apply. The bill would not affect revenues. CBO estimates that enacting S. 2463 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2029. S. 2463 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA).
